The Tribune, Chandigarh, India

Shah Rukh, Kajol ring Nasdaq bell
Bollywood actors Shah Rukh Khan and Kajol at Nasdaq on Times Sqaure, New York, on Monday New York, February 2
"King of Bollywood" Shah Rukh Khan and Kajol became the first Indian actors to ring the opening bell of Nasdaq, the world's biggest stock exchange, an honour usually reserved for CEOs of major corporations. It was a recognition of the reach and marketability of the world's largest film industry. It was a recognition of the reach and marketability of the world's largest film industry.

RARE HONOUR: Bollywood actors Shah Rukh Khan and Kajol at Nasdaq on Times Sqaure, New York, on Monday. — PTI

Siemens ties up with PowerGrid
Mumbai/New Delhi, February 2
Siemens Ltd today said it had received a contract from the PowerGrid Corporation of India (PGCIL) to construct a new 765/400kV sub-station at Meerut and augmentation of sub-stations at Mandola (UP) and Ballabhgarh (Haryana).

Coal India IPO likely in 6 months
New Delhi, February 2
The government today said it would divest up to 15 per cent stake in Coal India Ltd (CIL) in the next six months. “The process is on to divest up to 15 per cent stake in Coal India. We are expecting the IPO to hit the market in the next six months,” Coal Minister Sriprakash Jaiswal told reporters here today.

Figo production from Feb 5
Chennai, February 2
Ford India will start commercial production of its compact car Figo at its plant at Sriperumbudur near here from February 5, according to a company official. Tamil Nadu Chief Minister M Karunanidhi and Deputy Chief Minister Stalin will inaugurate the plant on Friday, the official said.

RCom global assets find no buyers
New Delhi, February 2
Reliance Communications (RCom) has put some of its global assets on sale, but has found little interest in them from prospective buyers. Reports said even after putting its biggest global assets up for sale for over a month , RCom had not been able to find buyers for a package that includes its prized FLAG undersea cable network.

Amartex revives IPO plan
Chandigarh, February 2
Panchkula-based Amartex Industries plans to set up a centre for budding designers to showcase their line of clothing, along with a separate manufacturing line for fashion clothing. The company is also planning to come up with a Rs 100-crore IPO in the next fiscal.

Bajaj Auto sales go northward
New Delhi, February 2
Bajaj Auto today reported over two-fold jump in its motorcycle sales at 2,32,939 units in January. The company had sold 1,09,666 units in January last year, Bajaj Auto Ltd (BAL) said in a statement. BAL attributed the monthly jump to an all-time sales record of its Pulsar model. The bike sold 71,970 units during January.

Vitamin C drug gets costlier
New Delhi, February 2
Responding to long pending demand, drug price regulator National Pharmaceutical Pricing Authority (NPPA) today said it has increased the prices of bulk drug Vitamin C, used for treating Scurvy disease, by over 12.5 per cent.

	Save BSNL: Staff to PM Girja Shankar Kaura Tribune News Service New Delhi, February 2 Following in the footsteps of Telecom Minister A. Raja, employee associations of BSNL have written to Prime Minister Manmohan Singh seeking his intervention in professionally running the telecom company, which was once the market leader. Upset at the deteriorating market share and falling revenues, the BSNL employees have demanded a change in the management and induction of professionals in the board to run the PSU. The move from the BSNL employees comes after Raja having written to the Prime Minister seeking his intervention to save the BSNL’s tender for 93 million lines worth over $10 billion, which besides being the world’s largest GSM contract, could also turn the fledging fortunes of the PSU. In his letter, the Communications Minister has said corporate rivalries were behind the PSU being unable to close the deal. The tender for 93 million lines has been delayed for over 18 months now and there is a feeling in the BSNL that “vested interests” were at work behind the delays to ensure that the PSU loses its prominence. Controversies around its tenders have resulted in the BSNL not being able to place any significant orders for equipment over the past three years during which the mobile market in India recorded the highest growth globally. It has resulted in BSNL, which was challenging Bharti Airtel for the top spot in the mobile space in 2006, now being pushed to the fifth spot after Airtel, Reliance Communications, Vodafone Essar and Idea Cellular. Besides, Tata Teleservices is also poised to overtake BSNL in mobile customers within the next couple of months. President of the All-India Graduate Engineer Telecom Officers Association NJP Shilohu Rao said here that the association had written to the PMO to look into the matter among other things. "We are also planning to meet Sam Pitroda, who is the IT adviser to the Prime Minister, and raise these issues with him," he added. The employees are worried over the deteriorating market share of the PSU. BSNL's revenues dipped by about 12 per cent in 2008-09 to over Rs 33,000 crore but its market share, especially in the mobile telephony, took a bigger hit.
	Gold shoots up by Rs 410 Mumbai, February 2 Gold prices spurted by a whopping Rs 410 to Rs 16,710 per 10 grams at the bullion market here today on frantic buying by stockists and speculative activities amid steep rise in international markets. Silver, too, surged on the back persistent demand from stockists coupled with good industrial support. The domestic market experienced a sudden bout of buying activities from jewellers and speculators, triggered by rally in global markets, traders said. Standard gold (99.5 purity) strengthened by Rs 410 per 10 grams to end at Rs 16,710 from overnight closing level of Rs 16,300. Pure gold (99.9 purity) also rose by a similar margin to Rs 16,795 from Rs 16,385 of yesterday. Silver ready (.999 fineness) hardened by Rs 615 per kilo to conclude at Rs 26,830 as against Rs 26,215 previously. In London, gold rose above $ 1,110 in Europe as the dollar weakened against basket currencies. Spot gold was bid at $ 1,112.60 an ounce in early trade as against $1,105.30 late in New York on Monday. — PTI
	Coke, Pepsi rates go up New Delhi, February 2 Soft drink majors PepsiCo and Coca-Cola have increased prices of some of their products by up to 20 per cent, giving in to surging input costs at last. While Coca-Cola has increased the prices of all its soft drink brands in 300-ml and 2-litre PET bottles between 9 per cent and 20 per cent, PepsiCo is understood to have raised prices by Rs 2 of all its 200 ml, 300 ml and 600 ml bottles across all brands. When contacted, a Coca-Cola spokesperson confirmed the development. “Given the recent rise in commodity prices and those of the ingredients for our beverages, our bottling partners have raised the prices of select packs in some markets. The price increase is being implemented in a phased manner in different geographies,” the spokesperson said. The companies have been up against rising input costs, especially sugar, which touched a high of Rs 40 per kg in the recent past. With the government imposing limits on stocks for bulk users, the soft drink majors have even imported sugar to meet their requirements. A PepsiCo spokesperson said: “High inflation and rising sugar price over an extended period has had an adverse impact on cost structures of the food & beverage industry and its ability to hold prices. Therefore, we have been compelled to raise the prices of certain drinks.” After the price hike, Coke’s 300 ml returnable glass bottles are now available for Rs 12 from its earlier price of Rs 10. Besides, the company has also increased the prices of the 2-litre PET bottles of the soft drink brands by Rs 5 from Rs 55. — PTI
	Shah Rukh, Kajol ring Nasdaq bell New York, February 2 "King of Bollywood" Shah Rukh Khan and Kajol became the first Indian actors to ring the opening bell of Nasdaq, the world's biggest stock exchange, an honour usually reserved for CEOs of major corporations. It was a recognition of the reach and marketability of the world's largest film industry. The actors, who recently got an award for the best duo in Hindi cinema, are in the US to promote their upcoming film "My Name Is Khan", which is releasing on February 12. They came to Nasdaq and rang in the first trading day of February at 9.30 a.m. Monday at a ceremony broadcast live on many television networks across the globe. With over 3,700 companies listed, the Nasdaq has more trading volume than any other stock market in the world. As the star pair made their way to the Nasdaq building in Times Square, Shah Rukh said on his twitter account: "Nasdaq will be fun. Have to make sure I reach on time, otherwise will end up being blamed for economic upheaval across the world too... ha ha." "My Name Is Khan" was reportedly sold to Fox Star Studios last July for a record $21 million, the highest price ever paid by a distributor for a Bollywood film. Under the deal, Fox Star Studios, a joint venture between American film studio 20th Century Fox and India's Star Group, acquired the worldwide marketing and distribution rights to the film. It will be released in North America by Fox Searchlight Pictures, a division of 20th Century Fox. — IANS
	Siemens ties up with PowerGrid Mumbai/New Delhi, February 2 Siemens Ltd today said it had received a contract from the PowerGrid Corporation of India (PGCIL) to construct a new 765/400kV sub-station at Meerut and augmentation of sub-stations at Mandola (UP) and Ballabhgarh (Haryana). Siemens will supply the high-end technology products such as circuit-breakers, current transformers, capacitor voltage transformers, disconnectors, surge arrestors and solutions like sub-station automation, a press note issued here stated. The order will be commissioned in January, 2011, and has a value of more than Rs 100-crore. Besides, this new order, Siemens is currently implementing four contracts for PowerGrid worth Rs 673-crore to provide 765 kV sub-stations, new voltage adopted by PowerGrid, to transmit AC power over long distances, the note said. In addition, Siemens signed an MoU with Bharat Earth Movers for supply of stainless steel electrical multiple units equipped with energy-efficient three-phase electric and high-performance bogies to be built by Siemens. To invest Rs 1,600 cr Siemens today said it would invest Rs 1,600 crore in India over the next three years for venturing into wind turbine manufacturing and scaling up existing production capacity. Of the total investment, Rs 500 crore will be used for setting up a high-end technology wind turbine manufacturing facility in the country. "We will venture into wind turbine manufacturing ... we have identified 2-3 sites in Tamil Nadu and Gujarat and we are in discussions with the respective state governments for setting up the wind turbine plant ... we will decide on the exact location in 2-3 weeks," Siemens MD (India) Armin Bruck told reporters here. The plant will be operational by 2012 and produce turbines with a capacity of 200 MW per year initially. The rest of the investment will go in research and development activities as well as augmenting manufacturing capacity for its products in signalling and metal technologies and healthcare solutions. — PTI
	Coal India IPO likely in 6 months New Delhi, February 2 The government today said it would divest up to 15 per cent stake in Coal India Ltd (CIL) in the next six months. “The process is on to divest up to 15 per cent stake in Coal India. We are expecting the IPO to hit the market in the next six months,” Coal Minister Sriprakash Jaiswal told reporters here today. The government, at present, holds 100 per cent stake in the country’s largest coal producer. “Out of this 15 per cent, 5 per cent would be offered to CIL employees and the remaining would be made available for the general public,” he said. Employees of the CIL will include employees of all its seven subsidiaries. “Otherwise there is no point offering equity to about 400-500 employees of CIL alone, who sit in Kolkata,” he said. However, CIL chairman Partha S Bhattacharyya had said last week that the government might divest only 10 per cent stake in the PSU in the next fiscal, against the desired 15 per cent, as regulatory provisions barred it from reserving some shares for employees. “We may only divest 10 per cent stake. The existing SEBI guidelines say you can’t give shares to subsidiaries. If you can’t give it to them, there is no point,” Bhattacharyya had said. — PTI
	Figo production from Feb 5 Chennai, February 2 Ford India will start commercial production of its compact car Figo at its plant at Sriperumbudur near here from February 5, according to a company official. Tamil Nadu Chief Minister M Karunanidhi and Deputy Chief Minister Stalin will inaugurate the plant on Friday, the official said. Ford had signed an MoU with the Tamil Nadu government last year, under which it would invest an additional Rs 1,500 crore to expand the Sriperumbudur facility. The investments include ramping up the Sriperumbudur facility to make new engines and for production of Figo, he added. After expansion, Ford would add 1,000 employees to the existing 2,100 at the Sriperumbudur plant. — PTI
	RCom global assets find no buyers Tribune News Service New Delhi, February 2 Reliance Communications (RCom) has put some of its global assets on sale, but has found little interest in them from prospective buyers. Reports said even after putting its biggest global assets up for sale for over a month , RCom had not been able to find buyers for a package that includes its prized FLAG undersea cable network. As a result, RCom has extended an initial deadline of late-January for submissions, but has not attracted much interest for the deal seeking $3 billion. Reports suggested that there were complaints surrounding the deal, being shopped by Deutsche Bank, which included a dearth of financial information, concerns about debt and over-abundance of the kinds of assets and services being offered. RCom had earlier denied it was trying to sell the assets, and had no immediate comment on any recent developments. However, reports said the three main assets offered in the package were FLAG, an undersea cable network operator Reliance bought for $207 million in 2003; Yipes, a California-based ethernet service provider purchased in $300 million in 2007; and Vanco, a British telecom services provider purchased for $77 million in 2008.
	Amartex revives IPO plan Ruchika M. Khanna Tribune News Service Chandigarh, February 2 Panchkula-based Amartex Industries plans to set up a centre for budding designers to showcase their line of clothing, along with a separate manufacturing line for fashion clothing. The company is also planning to come up with a Rs 100-crore IPO in the next fiscal. The money raised will be used to fund the expansion plans of the company in retail as well as manufacturing sector. The company aims at opening 25 outlets this year. Talking to TNS here today, Arun Grover, managing director, Amartex Industries, said they had earmarked Rs 60 crore for the two projects. “We will be setting up the India Fashion Centre at Panchkula, which will be a one-stop shop to get designer wear from a host of designers. The idea is to give a platform to budding designers, while at the same time get people here for end-to-end solutions for wedding trousseau or any other occasion. The designers will also have their workshops here and we will share the sale proceeds with them. We have already identified the site for this Centre, which will be ready by the year-end,” he said. Grover said they would also be ready with the new manufacturing line in Gurgaon by the beginning of 2011. About Rs 30 crore has been set aside for the purpose. The company said although they had been planning to come up with an IPO earlier, the decision was held back because of the recession. “Now that the market sentiment has lifted, we will be getting our valuations done, so that 25 per cent equity can be diluted. The IPO will be launched early next year,” he said. Grover said the company had plans to open 100 outlets and achieve a turnover of Rs 500 crore by 2012. “Our annual turnover last year was around Rs 252 crore, and this year, the turnover is likely to cross Rs 300 crore this fiscal,” he added.
	Bajaj Auto sales go northward New Delhi, February 2 Bajaj Auto today reported over two-fold jump in its motorcycle sales at 2,32,939 units in January. The company had sold 1,09,666 units in January last year, Bajaj Auto Ltd (BAL) said in a statement. BAL attributed the monthly jump to an all-time sales record of its Pulsar model. The bike sold 71,970 units during January. In addition, the company also sold 92,035 units of its newly launched 100cc Discover DTS-Si during the month. The company said the good performance by the two bikes had increased the company's share to 32 per cent in the Indian motorcycle market in January, up from 21 per cent in the year ago period. The total two-wheeler sales during the month also jumped over two-fold to 2,33,049 units compared with 1,10,363 units. — PTI

Vitamin C drug gets costlier

New Delhi, February 2
Responding to long pending demand, drug price regulator National Pharmaceutical Pricing Authority (NPPA) today said it has increased the prices of bulk drug Vitamin C, used for treating Scurvy disease, by over 12.5 per cent.

“Due to the increase in the input prices, many companies have stopped the production of Vitamin C tablets. This has led to the shortfall of the drug in the domestic market,” NPPA chairman SM Jharwal said.

NPPA has decided the hike in the prices in order to remove the shortage of Vitamin C tables, an essential medicine for the treatment of Scurvy disease and also used for common cold, in the market.

The NPPA in its meeting held on January 19 has decided to increase the price of bulk drug Vitamin C (plain) to Rs 613 per kg, up by 12.5 per cent from Rs 544 per kg.

It has also increased the prices of Vitamin C (coated) to Rs 600 per kg from Rs 533 per kg.

The regulator has also raised the price of another bulk drug ‘Sodium Ascorbate’, a derivative of the drug, to Rs 645 per kg from Rs 575 per kg. — PTI

BRIEFLY

Cheap sugar at Nafed outlets
New Delhi: Nafed will sell sugar at Rs 41 a kg and onion at Rs 16 a kg in the National Capital, prices lower than the prevailing rates in the open market. “The sale of sugar will begin from next week, while the sale of onion starts on Tuesday,” Nafed managing director CV Ananda Bose said in a statement here. The announcement comes amid government taking various steps to contain the surging sugar prices. After touching almost Rs 50 a kg, sugar is now being sold in retail markets in Delhi at Rs 44 a kg. Onion is available at Rs 23 a kg in retail markets. — PTI

Aksh Optifibre expansion
NEW DELHI: Internet protocol television provider Aksh Optifibre on Tuesday said it planned to invest Rs 150 crore over the next two years to strengthen its network in the country. “We will invest Rs 150 crore in the next two years for strengthening our IPTV network, start new services and appoint channel partners,” Aksh Optifibre MD KS Choudhari said. — PTI

Award for Deepak Parekh
MUMBAI: HDFC chairman Deepak Parekh has been conferred with the outstanding achievement award by the Institute of Chartered Accountants in England & Wales (ICAEW). Parekh has worked with the Investment Commission and has membership in various other governmental committees. The award will be presented at the ICAEW Annual Dinner at Chartered Accountants’ Hall in London on March 2. — PTI

Reliance Money platform
KOLKATA: Reliance Money on Tuesday launched a new product for customers, allowing unlimited equity trading for a fee of Rs 6,000 for three months. The product will help aggressive investors and regular traders to trade without brokerage charges for three months, plus unlimited delivery trading and margin trading turnover, and is available to new customers also. — IANS

NTPC FPO at Rs 201
MUMBAI: NTPC on Tuesday fixed the base price for its follow-on-public offer, which opens on Wednesday, at Rs 201 a share. The government holds 89.5 per cent stake in NTPC and at the floor price, it will mop up Rs 8,286 crore from the market. — PTI

Lodha gets IPO nod
New Delhi: Lodha Developers has said it had received SEBI's approval for its Rs 2,790-crore initial public offer (IPO), which is expected to hit the capital market in the next 4-5 weeks. The company had filed the draft red herring prospectus (DRHP) in late September last year. — PTI